SECURITIES AND EXCHANGE COMMISSION
                     WASHINGTON, D.C. 20549

                          FORM 10-K

      [X] ANNUAL REPORT PURSUANT TO SECTION 13 OR 15 (d) OF
              THE SECURITIES EXCHANGE ACT OF 1934
          For the fiscal year ended December 31, 2003
                             OR
   [ ] TRANSACTION REPORT PURSUANT TO SECTION 13 OR 15 (d) OF
               THE SECURITIES EXCHANGE ACT OF 1934
       For the transaction period from 		 to

                 Commission file number 1-316

               INDEPENDENCE LEAD MINES COMPANY
                -----------------------------
      (Exact name of registrant as specified on its charter)

	ARIZONA						82-0131980
(State or other jurisdiction	(IRS Employer Identification No.)
		of incorporation)

                        P O BOX 717
                    WALLACE, IDAHO 83873
           (Address of principal executive offices)

                Registrant's telephone number,
             including area code: (208)753-2525

Securities registered pursuant to Section 12 (b) of the Act:

Common Non-Assessable Stock,
Par Value $1.00 per Share		      	None
----------------------                   -------------
 Title of each class		       Name of each exchange
                                      on which registered

Indicate by check mark whether the registrant (1) has filed all
reports required to be filed by Section 13 or 15 (d) of the
Securities Exchange Act of 1934 during the preceding 12 months
(or for such shorter period that the Registrant was required to
file such reports), and (2) has been subject to such filing
requirements for the past 90 days.
Yes  [X]	No [ ]

As of December 31, 2003, the aggregate market value of the
voting stock held by non-affiliates of the registrant was
$1,274,849.

(APPLICABLE ONLY TO CORPORATE REGISTRANTS)

As of December 31, 2003, there were 4,247,357 shares outstanding
of the registrant's $1.00 par value common stock; authorized
common shares of 5,000,000.

DOCUMENTS INCORPORATED BY REFERENCE

The following documents are incorporated by reference in the
indicated parts of this Form 10-K: NONE


<page>
               INDEPENDENCE LEAD MINES COMPANY
                     FORM 10-K ANNUAL REPORT
             FOR THE YEAR ENDED DECEMBER 31, 2003
                       ----------------
TABLE OF CONTENTS

PART I
                                                    Page
Item 1.  Business . . . . . . . . . . . . . . . . . .   1
Item 2.  Properties . . . . . . . . . . . . . . . . .   2
Item 3.  Legal Proceedings . . . . . . . . . . . . .    3
Item 4.  Submission of Matters to a Vote of
         Security Holders . . . . . . . . . . . . . .   3

PART II
Item 5.  Market for the Registrant's Common Stock
         and Related Stockholder Matters . . . . . . .  3
Item 6.  Selected Financial Data . . . . . . . . . . .  4
Item 7.  Management's Discussion and Analysis of
         Financial Condition and Results of
         Operations . . . . . . . . . . . . . . . . .   4
Item 8.  Financial Statements and Supplementary Data .  4
Item 9.  Disagreements on Accounting and Financial
         Disclosure . . . . . . . . . . . . . . . . .   4

PART III
Item 10. Directors and Executive Officers of the
         Registrant . . . . . . . . . . . . . . . . . . 5
Item 11. Executive Compensation . . . . . . . . . . . . 5
Item 12. Security Ownership of Certain Beneficial
         Owners and Management . . . . . . . . . . . .  6
Item 13. Certain Relationships and Related
         Transaction . . . . . . . . . . . . . . . . .  6

PART IV
Item 14. Exhibits, Financial Statement Schedules
         and Reports on Form 8-K . . . . . . . . . . .  6

Exhibit Index . . . . . . . . . . . . . . . . . . . . . 7

Schedule of Property, Plant and Equipment . . . . . . . 8

Index to Financial Statements . . . . . . . . . . . . . 9

Certifications and Signatures . . . . . . . . . . . F/S 6
[The balance of this page has been intentionally left blank]


                              (i)
</page>


<page>
                 INDEPENDENCE LEAD MINES COMPANY
                     FORM 10-K ANNUAL REPORT
                FOR THE YEAR ENDED DECEMBER 31, 2003

                              PART I
                              -------
Item 1. Business.
-------------------
Independence Lead Mines Company (the "Company") is a corporation
organized under the laws of the State of Arizona on September
16, 1929. The Company is the owner of fifteen patented and
seventeen unpatented mining claims. This claim group (the
"property") is situated Northwest of Hecla Mining Company's
Lucky Friday Mine in the Coeur d'Alene Mining District, Shoshone
County Idaho. Adjacent is the community of Mullan and U.S.
Interstate Highway 90.

Pursuant to the terms of an agreement dated February 8, 1968,
among Hecla Mining Company ("Hecla"), Day Mines, Inc. ("Day"),
Abot Mining Company ("Abot") and the Company (the "Unitization
Agreement"), the Eastern portion of the Company's Property
(approximately five-eighths of the total area of the Property)
was unitized with certain adjoining and near-by properties owned
by the Day and Abot into a unitized area, consisting of 55
claims, (known as the "DIA Area"). Under the terms of the
Unitization Agreement, ores and minerals in place are owned by
the parties thereto in the following percentages:

  Day (now Hecla by merger)    47.70%
  Independence                 46.30%
  Abot (now Hecla by purchase)  6.00%

By a second agreement also dated February 8, 1968, (the "Lease
Agreement"), Hecla leased the DIA Area for a period of fifty
(50) years, subject to a 30-year extension, for the purpose of
conducting mineral exploration and development of the DIA Area
and mining such commercial ore as may be discovered in the DIA
Area by Hecla. In the seventies Hecla performed exploration from
what is called the 4050 foot level. Hecla reentered this level
in the early nineties performing additional exploration. This
work lead to a deeper exploration effort from the 4900 level. In
mid 1995 a 4,500 foot tunnel was started from Hecla's Silver
Shaft to the mineral zone. The DIA Project was divided into
Phase I, II and III. By December 31, 1996 Phase I and II had
been completed and a promising deposit had been identified. The
total cost of the project from the time of its inception was
less than $16,000,000.

The Lease Agreement provides that all costs and expenses
incurred in the exploration, development and operation of the
DIA Area are to be paid by Hecla subject to the right of Hecla
to be reimbursed for such costs and expenses, together with all
advance royalties paid, out of any future net profits realized
from the operation of the DIA Area. After recovery of Hecla's
costs and expenses and amounts paid as advance royalties, and
the establishment of a three-month working capital reserve, net
profit royalties are to be paid to the Company and the other
property owners as follows:

  Day (now Hecla by Merger)   19.08%
  Independence                18.52%
  Abot now Hecla by purchase)  2.40%

Hecla, as the lessee, will retain the remaining sixty percent
(60%) of any net profits realized. Under the terms of the
Unitization Agreement, one-half of the first net
profit/royalties received by the Company are to be paid over to
Day (now Hecla) until Day recovers the sum of $450,000. The
relationship of the parties to the Agreement may, under certain
circumstances, be converted to a joint venture at the option of
the property owners, where after the property owners would
become participating, non-operating working interest owners who
would share profits and expenses in connection with the DIA Area
in the same ratio as exists pursuant to lease arrangement with
Hecla described above.
               Page 1

Until Hecla commences to pay net profit royalties and during
such period as the Lease Agreement is in effect, Hecla is
obligated to pay an advance royalty to the Company of $750 per
month subject to increase to $1,500 when production for the DIA
Area exceeds 2,000 tons per month.

Pursuant to the terms of the February 8, 1968, agreements, Hecla
will be obligated to pay a royalty of 18.52 percent of defined
net profits after Hecla has recouped its costs to explore and
develop this property from the new discovery to Independence
Lead Mines Company.

The Company has no patents, licenses, franchises or concessions,
which are considered by the Company to be of importance. The
business is not of a seasonal nature. Since the potential
products are traded in the open market, the Company has no
control over the competitive conditions in the industry. There
is no backlog of orders.

There are numerous Federal and State laws and regulation related
to environmental protection, which have direct application to
mining and milling activities. The more significant of these
laws deal with mined land reclamation and wastewater discharge
from mines and milling operations. The Company does not believe
that these laws and regulations as presently enacted will have a
direct material adverse effect on its operations.

The current officers and directors of the Company serve without
compensation and are not considered by the Company to be
employees.

The western portion of the Company's property is not under the
DIA Area agreement. West Independence, as it is called, consists
of 10 patented mining claims of which four (4) claims are partly
included in the DIA Area agreement. Patented acres owned are
listed below.

  West Independence Acres      81.362
  East Independence Acres      91.808
                               ------
  Total Acres                 173.170

Since June 30, 1999 the Company has experienced substantial
differences with the Lessee. In January 1997 Hecla chose to go
forward with the DIA Projects Phase III and by June 1, 1998 the
Project reached full production. In the first year of full
production the Project lost $785,000 after mining and milling
257,605 tons. Independence requested Hecla to stop mining to
prevent loss of the resource. Hecla's management has refused all
requests to act with prudence, and continues to mine at this
writing. Since Hecla chose to go forward with Phase III through
the end of 2003 there has been 1,263,000 tons mined and milled
and all development costs have been lost. Request for prudence
over the years have failed. During 2003 Hecla mined and milled
151,991 tons containing 15.76 oz. silver per ton, 9.05% lead,
and 2.18% zinc. For the year 2003 the Project lost an additional
$723,147. The DIA Project total cost at year-end was
$33,352,654. We believe the record indicates the DIA Project was
not viable to undertake with the mining method chosen and the
existing economic conditions, and did not justify the start-up
of a large mining operation on the Lessor's property.

In 1999 the Company acquired 38,436 shares of Independence
Common Stock on the open market at an average price of $0.49 per
share, and in 2000 the Company acquired 94,800 shares at an
average price of $0.38 per share. These shares have been carried
as treasury stock by the Company, and in December 2003, 72,000
shares of Treasury stock were sold for $0.70 per share.

Item 2. Properties
-------------------
By an agreement dated February 8, 1968 among the Company and the
owners of other adjacent or neighboring mining properties, the
Company and the owners of the other properties entered into
certain agreements, the general effect of which was to establish
certain vertical boundaries between their respective properties
and to waive certain existing or potential claims to extra-
lateral rights to veins or ores found outside of the vertical
boundaries of their respective properties. The Property of the
Company is subject to this agreement.
       Page 2
Pursuant to existing law, the Company is required to pay $100
per claim as a rental fee in order to maintain possessory title
to such properties. This requirement has been performed by Hecla
Mining Company under the terms of the February 8, 1968
agreements described in Item 1 of this report.


Further information regarding the Properties of the Company is
set forth in this report under "Item 1.  Business" and is
incorporated herein by reference.

Item 3. Legal Proceedings
-------------------------
The Company has retained the Boise law firm of Marcus, Merrick,
Christian and Hardee. As required by terms of a 1968 Lease
Agreement with Hecla Mining Company, our Company gave notice of
termination of that agreement early March 2002. This agreement
covered the DIA Project, which is Hecla's principle operation at
the Lucky Friday Mine near Mullan, Idaho. Both parties agreed to
waive the arbitration requirement contained in the lease and
agreed to a trial without a jury.

Independence Lead Mines Company - Plaintiff - vs - Hecla Mining
Company - Defendant, will meet in the District Court of the
First Judicial District of the State of Idaho in and for the
County of Kootenai, Case #CV-02-4061 before Judge Luster at 9:00
a.m. on March 22, 2004. As a result of the legal proceedings,
Independence's management believes the 1968 Net Profit Lease
Agreement between the parties will be terminated, and the
property returned to the rightful owner. Also, management is
very confident the company will be awarded monetary damages.


Item 4. Submission of matter to a Vote of Security Holders
-------------------------------
There was no shareholder meeting held in 2003.

                           PART II
                           -------
Item 5. Market for the Registrant's Common Equity and Related
Stockholder Matters.
-------------------------------
(a)The market price ranges of the Company's common stock during
the years 2003 and 2002, respectively, were as follows:
<Table>
<Caption>
                    2003                   2002
                    ----                   ----
                High     Low          High      Low
                ----     ---          ----      ---
<S>             <C>      <c>          <c>       <c>
Annual          0.95      0.17         0.31      0.09
</Table>

(b)Approximate Number of Equity Security Holders.
--------------------------
Title of Class	(1)   Number of Record Holders December 31, 2003
-----------------         ---------------------------------
Common non-assessable                Approximately 2,300 (1)
Capital stock, par value
$1.00 per share
-------------------------
(1)Included in the number of shareholders of record are shares
held in "nominee" or "street" name.

(c) No dividends were paid by the Registrant in 2003 or 2002,
and the Company has no plans to pay a dividend in the
foreseeable future.
[The balance of this page has been intentionally left blank.]
                           Page 3

</page>


Item 6.  Selected Financial Data
--------------------------
<Table>
<caption>
Selected Income Statements Data:
                         Year ended December 31,
                              ------------
                          2003       2002       2001       2000
                          ----       ----       ----       ----
<S>                       <C>        <C>        <C>         <C>
Net Revenues                -0-        -0-         -0-        -0-
Net Income (Loss)      (145,485)   (28,221)   (33,225)    305,473
Net Income (Loss)
 Per share                (0.03)     (1.01)     (0.01)       0.07
</Table>
<Table>
Selected Balance Sheets Data:
                         Year ended December 31,
                              ------------
                          2003       2002       2001       2000
                          ----       ----       ----       ----
<S>                       <C>        <C>        <C>        <C>
Current Assets             74,806    157,345    170,180     199,232
Current Liabilities         3,394      8,848     11,462      26,039
Working Capital            71,412    148,497    158,718     173,193
Total Assets            3,208,133  3,290,672  3,303,507   3,332,559
Deferred Income           392,000    374,000    356,000     337,250
Long-Term Debt                -0-        -0-        -0-         -0-
Stockholders' Equity    2,812,739  2,907,824  2,936,045   2,969,270
</Table>


Item 7. Management's Discussion and Analysis of Financial
Condition and Result of Operations.
--------------------------------
LIQUIDITY. The liquidity of the Company decreased over the past
year, primarily due to normal expenses of operation and expenses
of litigation with Hecla Mining Company with no offsetting
revenue. Current assets of the Company consist primarily of
cash, which decreased by $80,332 from 2002.

CAPITAL RESOURCES. The Property of the Company is leased to
Hecla Mining Company. Capital improvements are to be paid for by
Hecla pursuant to the terms of the leases. The Company has no
long-term debt.

RESULTS OF OPERATIONS. The Company is in the exploratory and
development stage and has no operations. General and
administrative costs in 2003 increased by $114,126 over 2002
primarily due to expenses related to litigation with Hecla
Mining Company. The Company realized no revenue from operations
and received $687 in interest income. The Company reported a net
loss of $145,485 after provision for income taxes.

Item 8. Financial Statements and Supplementary Data.
--------------------------------
The Company's financial statements appear elsewhere in this
report, beginning at page F/S 1, following page 9.

Item 9. Disagreements on Accounting and Financial Disclosure.
--------------------------------
        Not applicable.
     Page 4


               PART III
                --------
Item 10. Directors and Executive Officers of the Registrant.
------------------------------
Name of Executive
Officers and Directors         Brief profile of
and Position Held        Age   Officers and Directors
----------------------   ---   ----------------------
Bernard C Lannen          67   Semi Retired Director of Lucky
President and Director         Friday Extension Mining Company

Wayne L Schoonmaker       66   Certified Public Accountant,
Secretary / Treasurer          Secretary/Treasurer of Hanover
                               Gold Company Inc, Revett Silver
                               Company, and Metalline Mining Co

Forrest G Godde           87   President of Corporate Ranches
Director                       in California and Nevada, Director
                               of Mineral Mountain Mining

Robert Bunde              65   Semi-retired farmer with
Director                       investments in the mining field

Gordon Berkhaug           69   Management of real estate
Director                       Investments with experience in
                               the mining field

The by-laws of the Company provide that the Directors serve
until the next annual meeting of shareholders or until their
respective successors have been duly elected and qualified.
Officers serve at the discretion of the Board of Directors.

Item 11.  Executive Compensation
------------------------
The directors and officers of this company are not considered
employees. There was no remuneration paid to any of the
directors and officers of this company during the fiscal year
ended December 31, 2003, other than the payment of $887 to the
Treasurer for accounting services.

No retirement benefit, bonus or other remuneration plans are in
effect with respect to the Company's officers and directors.
The Company has no standard or other arrangements for
compensating directors.
   Page 5

Item 12. Security Ownership of Certain Beneficial Owners and
Management
-----------------------------
To the knowledge of the Company, one person beneficially owned
more than five percent (5%) of any class of the Registrant's
voting securities as of December 31, 2002. There were 4,247,357
shares of common stock outstanding at December 31, 2003.

The following tabulation shows the beneficial ownership's of the
Company's officers and directors in the securities of the
Company as of March 1, 2004:
<table>
<caption>
                         Shares of              Approximate
                         Common Stock           Percentage of
           Name          Beneficially Owned     Class
           ----          ------------------     ------------

                      <c>                    <c>
Bernard C. Lannen        300,182                7.07
Wayne L. Schoonmaker       4,000                0.09
Forrest G. Godde          95,000 (F1)           2.24
Robert Bunde             137,500                3.24
Gordon Berkhaug           68,250                1.61

All directors and executive officers of the Company as a group
(5 persons in a group) own 604,932 shares or approximately 14.25
percent of the Company are outstanding voting securities.

(FN1) Includes 45, 000 shares that represent Mr. Godde's 50%
interest in the Godde 1980 Trust.
</Table>

Item 13. Certain Relationships and Related Transaction
--------------------------------
         NONE.

                         PART IV

Item 14. Exhibits, Financial Statement Schedules, and Reports
         on Form 8-K
---------------------------------
(a)1. Financial Statements
      See index to Financial Statements at page 9 of this report

   2. Financial Statement Schedules
      V-Statement of Property, Plant and Equipment, Page 8.

      Other financial statement schedules are omitted because of
      conditions under which they are required, or because the
      required information is given in the financial statements
      or notes thereto.

(b)   The company filed its report on Form 8-K during the last
      quarter of 1992.

(c)	 Exhibits
      No additional exhibits are filed as a part of this report.
      The Exhibit Index appears at Page 7 of this report.
            Page 6


                        EXHIBIT INDEX

Exhibits

3.1	Articles of Incorporation of Independence Lead Mines, Inc.,
as amended, previously filed as Exhibit 3.1 to form 10-K for
1983 and incorporated by reference herein.

3.2	Bylaws of Independence Lead Mines Company, as amended,
previously filed as Exhibit 3.2 to form 10-K for 1983 and
incorporated by reference herein.

10.1	Unitization Agreement dated February 8, 1968 among Day
Mines, Inc., Independence Lead Mines Company and Abot Mining
Company, previously filed as Exhibit 10.1 to Form 10-K for 1983
and incorporated by reference herein.

10.2	Agreement dated February 8, 1968 among Hecla Mining
Company, Day Mines, Inc., Independence Lead Mines Company and
Abot Mining Company, previously filed Exhibit 10.2 to Form 10-K
for 1983 and incorporated by reference herein.

10.3	Agreement dated February 8, 1968 among Independence Lead
Mines Company, Day Mines, Inc., Abot Mining Company, Wall Street
Mining Company, Hunter Creek Mining Company, Lucky Friday
Extension Mining Company, Hecla Mining Company and the Bunker
Hill Mining Company relating to extralateral and intralimital
rights to mining claims, previously filed as Exhibit 10.7 to
Form 10-K for 1983 and incorporated by reference herein.



[The balance of this page has been intentionally left blank.]
             Page 7


              INDEPENDENCE LEAD MINES COMPANY
              (AN EXPLORATION STAGE COMPANY)

               PROPERTY, PLANT AND EQUIPMENT
  FOR THE YEARS ENDED DECEMBER 31, 2003, 2002, AND 2001
         ---------------------------------------
<Table>
<caption>
                     Balance,                                     Balance
                     Beginning                           Other    End of
                     of Year     Addition   Retirements  Changes  Year
                     -------     --------   -----------  -------  -------

                    <c>        <c>        <c>          <c>      <c>
December 31, 2003
Equipment                      -          -         -                    -
                           -----      -----      ----                -----
Mining Property        2,945,407          -         -            2,945,407
Less deferred credits    374,000     18,000         -              392,000
                         -------     ------      ----              -------
   Net Total           2,571,407    (18,000)        -     NONE   2,553,407
                        ========     ======      ====     ====    ========
December 31, 2002
Equipment                      -          -         -                    -
                           -----      -----      ----                -----
Mining Property        2,945,407          -         -            2,945,407
Less deferred credits    356,000     18,000         -              374,000
                         -------     ------      ----              -------
   Net Total           2,589,407    (18,000)        -     NONE   2,571,407
                        ========     ======      ====     ====    ========
December 31, 2001
Equipment                      -          -         -                    -
                           -----      -----      ----                -----
Mining Property        2,945,407          -         -            2,945,407
Less deferred credits    337,250     18,750         -              356,000
                         -------     ------      ----              -------
   Net Total           2,608,157    (18,750)        -     NONE   2,589,407
                        ========     ======      ====     ====    ========
</Table>
                  Page 8


               INDEX TO FINANCIAL STATEMENTS
          Filed as part of the Annual Report Form 10-K
                    December 31, 2003

FINANCIAL STATEMENTS:                                    Page

 Balance Sheets, December 31, 2003 and 2002 . . . . . .  F/S 1

 Statement of Operations and Deficit Accumulated
  During The Exploratory Stage for the Years Ended
  December 31, 2003, 2002 and 2001 . . . . . . . . . . . F/S 2

 Statement of Cash flows, for the years ended
  December 31, 2003, 2002 and 2001 . . . . . . . . . . . F/S 3

 Notes to Financial Statements . . . . . . . . . . . . . F/S 4

 Certifications . . . . . . . . . . . . . . . . . . . .  F/S 6

 Signatures . . . . . . . . . . . . . . . . . . . . . . F/S 10

The Company's financial statements are unaudited in reliance
upon Section 210.3-11 of Regulations S-X adopted by the
Securities and Exchange Commission.

[The balance of this page has been intentionally left blank.]
                            Page 9


             INDEPENDENCE LEAD MINES COMPANY
              (AN EXPLORATION STAGE COMPANY)
                BALANCE SHEET - UNAUDITED
                DECEMBER 31, 2003 AND 2002
                   --------------------
<Table>
<Caption>
                           ASSETS
                                         2003        2002
                                         ----        ----
<S>                                      <c>         <c>
CURRENT ASSETS
  Cash                                    72,300      152,632
  Royalties receivable                     1,500        1,500
  Refunds and deposits receivable              0        2,207
  Investments                              1,006        1,006
                                          ------       ------
    Total Current Assets                  74,806      157,345
                                         -------      -------
PROPERTY AND EQUIPMENT, at cost
  Equipment                                    -            -
  Less accumulated depreciation                -            -
                                           -----        -----
  Mining property                      2,945,407    2,945,407
                                         -------      -------
                                       2,945,407    2,945,407
                                       ---------    ---------
OTHER ASSETS
  Unrecovered exploration costs          187,920      187,920
                                          ------       ------
    Total Assets                       3,208,133    3,290,672
                                       =========    =========
</Table>
<Table>
<Caption>
              LIABILITIES AND STOCKHOLDERS' EQUITY
                                         2003        2002
                                         ----        ----
<S>                                      <c>         <c>
CURRENT LIABILITIES
  Accounts payable                         3,394        8,848
  Accrued Expenses                             0            0
                                           -----        -----
    Total current liabilities              3,394        8,848
                                          ------       ------
DEFERRED INCOME                          392,000      374,000
                                         -------      -------
STOCKHOLDERS' EQUITY
  Common stock, $1.00 par value;
   authorized 5,000,000 shares;
   issued 4,308,793 shares at
   12/31/03 and at 12/31/02            4,308,793    4,308,793
  Treasury Stock 61,436 shares at
   12/31/03 and 133,436 shares
   at 12/31/02                           (25,482)     (55,290)
  Additional Paid in Capital (deficit)  (87,701)    (108,293)
                                        --------     --------
                                       4,195,610    4,145,210
  Less deficit accumulated during
   the Exploration stage              (1,382,871)  (1,237,386)
                                        --------     --------
Total Stockholders' Equity             2,812,739    2,907,824
                                        ========     ========
Total Liabilities
 & Stockholders' Equity                3,208,133    3,290,672
                                        ========     ========
The accompanying notes are an integral part of these financial
Statements.
</Table>
               F/S 1

             INDEPENDENCE LEAD MINES COMPANY
             (AN EXPLORATION STAGE COMPANY)
          STATEMENT OF OPERATIONS AND DEFICIT
        ACCUMULATED DURING THE EXPLORATION STAGE
                        UNAUDITED
    FOR THE YEARS ENDED DECEMBER 31, 2003, 2002, 2001
     -----------------------------------------------
<Table>
<Caption>
                                    2003        2002       2001
                                    ----        ----       ----
<S>                                 <C>         <C>         <C>
Revenue                             $  0        $   0    $366,877
                                    ----       ------      ------
Expenses
  Management and Director fees         0            0           0
  Licenses and fees                  375          474         630
  Office expense                     785        1,058       1,419
  Office services                    600          600         600
  Shareholder Relations            2,588        1,322       5,592
  Consulting                      66,608       10,787      11,226
  Transportation                   1,847        2,453       1,962
  Accounting                         887        1,058         853
  Legal                           73,056       14,868      15,714
                                  ------       ------      ------
     Total Expenses              146,746       32,620      37,996
                                  ------       ------      ------
Loss from Operation             (146,746)     (32,620)    (37,996)
Other Income and (Expense)
  Disposition of Assets                0            0           0
  Interest, net                      687        2,274       7,167
                                   -----        -----     -------
     Total Other Income              687        2,274       7,167
                                   -----        -----     -------
Net Income (Loss) before
 Income Taxes                   (146,059)     (30,346)    (30,829)
  Provision for income taxes        (574)      (2,125)      2,396
                                   -----        -----       -----
     Net Income (Loss)          (145,485)     (28,221)    (33,225)
DEFICIT, accumulated during the
  Exploration stage,
   beginning of period        (1,237,386)  (1,209,165) (1,175,940)

DEFICIT, accumulated during the
  Exploration stage,
   end of period              (1,382,871)  (1,237,386) (1,209,165)
                                --------     --------     --------
GAIN (LOSS) PER SHARE              (0.03)       (0.01)      (0.01)

Weighted average common
  Shares outstanding           4,181,357    4,175,357   4,175,357

The accompanying notes are an integral part of these financial
statements.
[The balance of this page has been intentionally left blank.]
</Table>
              F/S 2





         INDEPENDENCE LEAD MINES COMPANY
          (AN EXPLORATION STAGE COMPANY)
       STATEMENT OF CASH FLOWS - UNAUDITED
   FOR THE YEARS ENDED DECEMBER 31, 2003, 2002, 2001
         ------------------------------------
<Table>
<Caption>
                                              2003     2002      2001
                                              ----     ----      ----
<S>                                           <C>      <C>       <C>
CASH FLOWS FROM OPERATING ACTIVITIES
  Net income (loss)                          (145,485) (28,221)  (33,225)
  Adjustment to reconcile net Loss to
  net cash provided by Operating Activities:
  Increase (decrease) in cash due to changes
   in assets and liabilities:
   Receivable                                   2,207   (2,207)        0
   Accounts payable                            (5,454)  (2,078)   (1,463)
   Deferred income                             18,000   18,000    18,750
   Accrued Expense                                  0     (536)  (13,114)
   Advances Payable                                 0        0         0
                                               ------   ------     -----
  Net cash used by Operating Activities      (130,732) (15,042)   29,052
                                               ------    -----     -----
CASH FLOWS FROM FINANCING ACTIVITIES
  Cash received from sale of treasury stock    50,400        0         0
  Repurchase and retirement of common stock         0        0         0
  Repayment of shareholder loans                    0        0         0
  Net borrowing on short-term advances              0        0         0
                                                 ----    -----     -----
                                               50,400        0         0
                                                 ----    -----     -----
CASH FLOWS FROM INVESTING ACTIVITIES
  Purchase of Company's
   Capital Stock - Treasury                         0        0         0
  Purchase of Investments                           0        0         0
                                                 ----    -----     -----
	                                               0        0         0
                                                  ---    -----     -----
Net increase (decrease) in cash               (80,332) (15,042)  (29,052)
CASH, beginning of year                       152,632  167,674   196,726
                                                -----   ------     -----
CASH, end of year                              72,300  152,632   167,674
                                                =====   ======     =====
</Table>
<Table>
<Caption>
Disclosure of Accounting Policy-
 For years ended Dec. 31, 2003, 2002, and
  2001, the company had no cash equivalents.
SUPPLEMENTARY DISCLOSURE OF CASH FLOW INFORMATION

                                       2003       2002        2001
                                       ----       ----        ----
<S>                                   <C>        <C>          <C>
  Interest paid                            0          0          17
  Taxes paid - State of Idaho             30         30       5,310
               Federal                     0          0      10,191

The accompanying notes are an integral part of these financial statements.
</Table>
            F/S 3


<page>
                INDEPENDENCE LEAD MINES COMPANY
                (AN EXPLORATION STAGE COMPANY)

                NOTES TO FINANCIAL STATEMENTS
                  DECEMBER 31, 2003 AND 2002
                ------------------------------
Note 1  Company business   The Company was incorporated under
         the laws of the State of Arizona on September 16, 1929.
         The Company is presently in the exploratory stage.

Note 2  The significant accounting principles and practices of
         the Company are as follows:

      a. The financial statements are prepared on the accrual
         basis of accounting.

      b. The Company depreciated its equipment on the straight-
         line method over their estimated useful life of 7
         years. The Company currently has no depreciable
         property.

      c. Earning per share have been computed using the weighted
         average of shares outstanding during the period.

Note 3  Company property   The Company has 15 patented and 17
         unpatented claims situated in the Hunter Mining
         District, Shoshone County, Idaho. On February 8, 1968,
         the Company entered into an agreement with Day Mines,
         Inc., Abot Mining Company and Hecla Mining Company.
         Certain properties of the four companies were combined
         for purposes of exploration and development. These
         properties were referred to as the DIA Area. The DIA
         Area consists of 9 patented and 14 unpatented claims of
         Independence Lead Mines Company. Hecla Mining Company
         is the exploring and developing company. The DIA
         agreement allows Hecla Mining Company to recover all of
         its exploration and development cost, advance royalties
         paid, and to build a three months' reserve for working
         capital prior to splitting profits. Independence is to
         receive 18.52% of the profits, and under the terms of
         the DIA agreement the Company has been receiving an
         advance of $1,500 for each month 2,000 tons of ore is
         mined.

Note 4  In addition to cash costs in the amount of $23,302, the
         amount reflected in the balance sheet as the cost of
         mining claims reflects the par value assigned to
         3,024,000 shares of stock issued for $3,034,000. The
         underlying cost basis of the mining claims is unknown
         and unobtainable. Since it was an accepted accounting
         practice at the time of the transaction, all subsequent
         financial statements have used the par value of the
         shares issued as the cost basis of the mining claims.
         The Company has considered revaluation of the mining
         properties, but feels that to revalue them at an amount
         that has no basis would be misleading. The Company
         feels that the claims are of value, as Hecla Mining
         Company has continued with its lease since 1968 and is
         currently conducting mining operations on the property.
                                 F/S 4

Note 5 As shown in the financial statements, the Company
        incurred net loss of $145,485 during the year ended
        December 31, 2003, a net loss of $28,221 during the
        year ended December 31, 2002, and a net loss of
        $33,225 during the year ending December 31, 2001.
        The Company has no continuing source of cash.
        These factors indicate doubt as to the ability of
        the Company to continue business on a going concern
        basis.

        The financial statements do not include any adjustments
        relating to the recoverability of recorded asset amounts
        or the amounts and classification of liabilities that
        might be necessary should the Company be unable to
        continue in existence.

Note 6 Statements of income, cash flows, and shareholders'
        equity since the inception of the Company, September 16,
        1929, through December 31, 2003 have not been presented
        due to the unavailability of past records. Generally
        accepted Accounting principles require that such
        statements be presented when financial statements
        purport to present financial position and results of
        operations for an exploration stage company.

[The balance of this page has been intentionally left blank.]
                                 F/S 5
</page>
<page>
            INDEPENDENCE LEAD MINES COMPANY
           AN EXPLORATION STAGE COMPANY
               DECEMBER 31, 2003

               CERTIFICATIONS

I, Bernard C. Lannen, certify that:

1. I have reviewed this annual report on Form 10-K of
Independence Lead Mines Company.

2. Based on my knowledge, this annual report does not contain
any untrue statement of a material fact or omit to state a
material fact necessary to make the statements made, in light of
the circumstances under which such statements were made, not
misleading with respect to the period covered by this annual
report;

3. Based on my knowledge, the financial statements, and other
financial information included in this annual report, fairly
present in all material respects the financial condition,
results of operations, and cash flows of the registrant as of,
and for, the periods presented in this annual report;

4. The registrant's other certifying officer and I, are
responsible for establishing and maintaining disclosure controls
and procedures (as defined in Exchange Act Rules 13a-14 and 15d-
14) for the registrant and we have:

a) designed such disclosure controls and procedures to ensure
that material information relating to the registrant, including
its consolidated subsidiaries, is made known to us by others
within those entities, particularly during the period in which
this annual report is being prepared;

b) evaluated the effectiveness of the registrant's disclosure
controls and procedures as of a date within 90 days prior to the
filing date of this annual report (the "Evaluation Date"); and

c) presented in this annual report our conclusions about the
effectiveness of the disclosure controls and procedures based on
our evaluation as of the Evaluation Date;

5. The registrant's other certifying officer and I have
disclosed, based on our most recent evaluation, to the
registrant's auditors and the audit committee of registrant's
board of directors (or persons performing the equivalent
function):

a) all significant deficiencies in the design  or operation of
internal controls which could adversely affect the registrant's
ability to record, process, summarize, and report financial data
and have identified for the registrant's auditors any material
weaknesses in internal controls; and

b) any fraud, whether or not material, that involves management
or other employees who have a significant role in the
registrant's internal controls; and

6. The registrant's other certifying officer and I have
indicated in this annual report whether or not there were
significant changes in internal controls or in other factors
that could significantly affect internal controls subsequent to
the date of our most recent evaluation, including any corrective
actions with regard to significant deficiencies and material
weaknesses.

Date: March 22, 2004

      /s/ Merlin D. Bingham
      ------------
      President
F/S 6
</page>
<page>
          INDEPENDENCE LEAD MINES COMPANY
         AN EXPLORATION STAGE COMPANY
              DECEMBER 31, 2003

               CERTIFICATIONS

I, Wayne L. Schoonmaker, certify that:

1. I have reviewed this annual report on Form 10-K of
Independence Lead Mines Company.

2. Based on my knowledge, this annual report does not contain
any untrue statement of a material fact or omit to state a
material fact necessary to make the statements made, in light of
the circumstances under which such statements were made, not
misleading with respect to the period covered by this annual
report;

3. Based on my knowledge, the financial statements, and other
financial information included in this annual report, fairly
present in all material respects the financial condition,
results of operations, and cash flows of the registrant as of,
and for, the periods presented in this annual report;

4. The registrant's other certifying officer and I, are
responsible for establishing and maintaining disclosure controls
and procedures (as defined in Exchange Act Rules 13a-14 and 15d-
14) for the registrant and we have:

a) designed such disclosure controls and procedures to ensure
that material information relating to the registrant, including
its consolidated subsidiaries, is made known to us by others
within those entities, particularly during the period in which
this annual report is being prepared;

b) evaluated the effectiveness of the registrant's disclosure
controls and procedures as of a date within 90 days prior to the
filing date of this annual report (the "Evaluation Date"); and

c) presented in this annual report our conclusions about the
effectiveness of the disclosure controls and procedures based on
our evaluation as of the Evaluation Date;

5. The registrant's other certifying officer and I have
disclosed, based on our most recent evaluation, to the
registrant's auditors and the audit committee of registrant's
board of directors (or persons performing the equivalent
function):

a) all significant deficiencies in the design  or operation of
internal controls which could adversely affect the registrant's
ability to record, process, summarize, and report financial data
and have identified for the registrant's auditors any material
weaknesses in internal controls; and

b) any fraud, whether or not material, that involves management
or other employees who have a significant role in the
registrant's internal controls; and

6. The registrant's other certifying officer and I have
indicated in this annual report whether or not there were
significant changes in internal controls or in other factors
that could significantly affect internal controls subsequent to
the date of our most recent evaluation, including any corrective
actions with regard to significant deficiencies and material
weaknesses.

Date: March 22, 2004

      /s/ Wayne L. Schoonmaker
      ------------
      Principal Accounting Officer
F/S 7
</page>
<page>
        CERTIFICATION PURSUANT TO
          18 U.S.C. SECTION 1350,
          AS ADOPTED PURSUANT TO
   SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002

  In connection with the Annual Report of Independence Lead
Mines Company (the "Company") on Form 10-K for the period ended
December 31, 2003, as filed with the Securities and Exchange
Commission on the date hereof (the "Report"), I, Bernard C.
Lannen, President of the Company, certify, pursuant to 18 U.S.C.
Section 1350, as adopted pursuant to Section 906 of the
Sarbanes-Oxley Act of 2002, that:

1. The Report fully complies with the requirements of Section
13(a) or 15(d) of the Securities Exchange Act of 1934; and

2. The information contained in the Report fairly presents, in
all material respects, the financial condition, and results of
operations of the Company.

/s/ Bernard C. Lannen
-----------
President

Dated: March 22, 2004
F/S 8
</page>
<page>
            CERTIFICATION PURSUANT TO
              18 U.S.C. SECTION 1350,
              AS ADOPTED PURSUANT TO
   SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002

  In connection with the Annual Report of Independence Lead
Mines Company (the "Company") on Form 10-K for the period ended
December 31, 2003, as filed with the Securities and Exchange
Commission on the date hereof (the "Report"), I, Wayne L.
Schoonmaker, Principal Accounting Officer of the Company,
certify, pursuant to 18 U.S.C. Section 1350, as adopted pursuant
to Section 906 of the Sarbanes-Oxley Act of 2002, that:

1. The Report fully complies with the requirements of Section
13(a) or 15(d) of the Securities Exchange Act of 1934; and

2. The information contained in the Report fairly presents, in
all material respects, the financial condition, and results of
operations of the Company.

/s/ Wayne L. Schoonmaker
------------
Principal Accounting Officer

Dated: March 22, 2004
F/S 9
</page>



<page>
SIGNATURES

    Pursuant to the requirement of Section 13 of the Securities
Exchange Act of 1934, the Registrant has duly caused this report
to be sign on its behalf by the undersigned, thereunto duly
authorized.

INDEPENDENCE LEAD MINES COMPANY

                      By: /s/ Bernard C. Lannen
                          -----------------------
                          Bernard C. Lannen, its President and
                          Chief Administrative Officer
                          Dated: March 22, 2004

                      By: /s/ Wayne L. Schoonmaker
                          ------------------------
                          Wayne L. Schoonmaker, its Principal
                          Accounting Officer
                          Dated: March 22, 2004

    Pursuant to the requirements of the Securities Exchange Act
of 1934, this Report has been signed below by the following
persons on behalf of the Registrant and in the capacities and as
of the date indicated.

By: /s/ Bernard C. Lannen        By: /s/ Wayne L. Schoonmaker
    ---------------------            ------------------------
    Bernard C. Lannen                Wayne L. Schoonmaker
    Director                         Secretary and Treasurer
    Dated: March 22, 2004            Dated: March 22, 2004

By: /s/ Forrest G. Godde         By: /s/ Gordon Berkhaug
    ---------------------            ------------------------
    Forrest G. Godde                 Gordon Berkhaug
    Director                         Director
    Dated: March 22, 2004            Dated: March 22, 2004

By: /s/ Robert Bunde
    ---------------------
    Robert Bunde
    Director
    Dated: March 22, 2004
                     F/S 10
</page>